Of Economics, Policy, and Development: An Intellectual Journey

Collected Essays of I.G. Patel

Deena Khatkhate and Y.V. Reddy

Description

This book is a collection of essays of Dr I.G. Patel, a distinguished economist and policymaker, on a wide range of issues related to theory and policy in the areas of money, finance, trade, balance of payments, and economic development. These essays provide insights in to Dr Patel's deep grasp of economic theory and econometric techniques. Modifying economic theory to solve the problems of India and other similarly situated countries, they reveal how macroeconomic theory predominant in developed countries assumed new meaning and dimension in the context of economic development. The articles contain a tapestry of ideas which are still relevant in the contemporary Indian and global economic setting.

Of Economics, Policy, and Development: An Intellectual Journey

Collected Essays of I.G. Patel

Deena Khatkhate and Y.V. Reddy

Table of Contents

List of Tables, FiguresPrefaceAcknowledgementsIntroductionPART I: MONETARY AND CREDIT POLICY 1. Demand for Money During Periods of Inflation and Stabilization 2. Nature and Significance of Monetary Policy and its Instruments 3. Selective Credit Controls in Underdeveloped Economies 4. Some Thoughts on Monetary and Credit Policy 5. Monetary Policy Revisited 6. Communication Policy of Central Banks Part II: GOLD POLICY 7. India's Elasticity of Demand for Gold 8. On Turning Gold into Base Metal PART III: ECONOMIC DEVELOPMENT AND PLANNING 9. Exports by Countries in Process of Industrialization 10. The Challenge for the Newly Industrializing Countries 11. Capital Formation in Private Corporate Sector 12. Physical Planning 13. The Second Five Year Plan: A Tentative Framework 14. The Role of the Public Sector in a Small Open Economy 15. The First Five Year Plan of China (1953-1957): An Appraisal PART IV. GROWTH, EQUITY, SOCIAL JUSTICE 16. The Socialist Legacy 17. Growth, Modernization, Self-Reliance, and Social Justice 18. Equity in a Modern Society 19. The Idea of India as an Ideal PART V. ECONOMIC REFORM AND POLICY IN INDIA 20. The Vision for a New India 21. India's Economic Reforms and Development 22. Current Unease with Indian Economic Reform PART VI. BANKING AND THE FINANCIAL SYSTEM 23. Role of Banks and Financial Institutions in CorporateFinance 24. Capital Market Regulation PART VII. INTERNATIONAL ASPECTS 25. Role of PL-480 Supplies in the Development of India 26. Trade and Payments Policy for a Developing Economy 27. Lessons from the Monetary Events of 1971 28. Indebtedness of Developing Countries 29. A New International Economic Order? 30. The Adjustment Problem 31. Protectionism: Its Causes and Manifestations PART VIII. MISCELLANY 32. Professor A.C.Pigou: A Memoir 33. The Adam Smith Perspective 34. Advising the Advisers Epilogue by Y.V. ReddyReferences

Of Economics, Policy, and Development: An Intellectual Journey

Collected Essays of I.G. Patel

Deena Khatkhate and Y.V. Reddy

Author Information

Deena Khatkhate, former assistant director at the International Monetary Fund, former senior consultant for the United Nations and the World Bank.

Y.V. Reddy, former Governor of Reserve Bank of India, currently Emeritus Professor at the Central University, Hyderabad.